CBOT Closing Comments
Soybeans
August soybeans at $11.70 ½, down 14 cents, November beans finished at $10.10, down 28 ½ cents. Beans fell foul of profit-taking ahead of Wednesday's USDA report. If you look at the charts they have gained the most over the last few weeks, so were vulnerable to a correction. Old crop supplies stay very, very tight, but new crop is a totally different story.
Corn
September corn closed at $3.34 ¼, up 2 ¼ cents, December corn ended at $3.30 ½, down 4 cents. Private exporters reported corn sales to Egypt of 60,000 MT for 2008/09 marketing year and 60,000 for 2009/10 marketing year. Analysts are expecting the USDA crop production report to show a 12.49 billion bushel corn crop on the August 12th USDA report with ending stocks for 2008/09 at 1.748 billion bushels and 1.697 billion bushels for 2009/10. Crude oil closed mixed and Ethanol was slightly lower.
Wheat
September wheat finished at $4.94 ¼, up 4 ¾ cents. Prices did pop very briefly above $5, but quickly fell back again, suggesting that a break and hold above this level will be needed to confirm a harvest low is in. Analysts believe the August crop production report will peg US wheat production at 2.151 billion bushels on Wednesday’s report. Weather conditions should be favourable for continued harvest and crop maturity over the next week.
August soybeans at $11.70 ½, down 14 cents, November beans finished at $10.10, down 28 ½ cents. Beans fell foul of profit-taking ahead of Wednesday's USDA report. If you look at the charts they have gained the most over the last few weeks, so were vulnerable to a correction. Old crop supplies stay very, very tight, but new crop is a totally different story.
Corn
September corn closed at $3.34 ¼, up 2 ¼ cents, December corn ended at $3.30 ½, down 4 cents. Private exporters reported corn sales to Egypt of 60,000 MT for 2008/09 marketing year and 60,000 for 2009/10 marketing year. Analysts are expecting the USDA crop production report to show a 12.49 billion bushel corn crop on the August 12th USDA report with ending stocks for 2008/09 at 1.748 billion bushels and 1.697 billion bushels for 2009/10. Crude oil closed mixed and Ethanol was slightly lower.
Wheat
September wheat finished at $4.94 ¼, up 4 ¾ cents. Prices did pop very briefly above $5, but quickly fell back again, suggesting that a break and hold above this level will be needed to confirm a harvest low is in. Analysts believe the August crop production report will peg US wheat production at 2.151 billion bushels on Wednesday’s report. Weather conditions should be favourable for continued harvest and crop maturity over the next week.